Yes, you can do so. Retirement at the DPF is looked at based on your age only. If you qualify, you are free to start your retirement regardless of whether you have lost your job or not. Make sure that you indicate your wish to retire when you fill out your withdrawal form.
Ever heard of the saying, “Never put your eggs in one basket?” It is exactly for that reason that we spread your money in more than one area. Market volatility is not unique to any country. Any economy can suffer a collapse for any reason. Therefore it would not be a smart thing to do because Botswana is not immune to problems. The DPF has a diversified strategy that aims to invest your money both offshore and onshore, and across various asset classes namely; Equities, Bonds, Cash, Property and alternatives. At least if one basket falls, the others will remain intact, right?
It is advisable that you address this matter through your employer channels, however before you do so, we advise that you consider your situation very carefully. Ask yourself; When did you start saving towards your pension, have you saved enough money to guarantee yourself a decent pension salary when you retire? Not many people can answer that in the positive. You must always remember that when you ultimately earn your monthly pension salary you will be spending what you save. You can check what you projected pension salary will be when you retire and take action now to save more and avoid a disappointing income at retirement. Contact the Fund for assistance.
Botswana has a compulsory preservation requirement for pension funds. This is in line with the Pensions and Provident Funds Act and the Debswana Pension Fund Rules. Any benefit amount exceeding P 10 000 is subject to preservation . This means that members can only cash the whole of their pension if their acummulated fund credit falls below P 10 000 at the time of their dismissal/resignation.
The Fund has a toll free line. A member has to call from a landline and the Fund bears the cost of the call. If a member calls from a cell phone then he/she will bear the cost. The number for the Toll Free Line is: 0800 600 681
Any member whether in active employment or not can visit the Fund Offices between 8am and 4.45 pm every day from Monday to Friday, at Plot 50361, Carlton House, Fairgrounds Office Park, Gaborone. Alternatively write to the Fund at Private bag 00512 Gaborone or call telephone numbers 3614267 or 3614 236. Email: bokamoso@dpf.co.bw
You have a grace period of only three months after you leave employment to claim your lump sum encashment. After three months your entire fund credit is deferred until your retirement and will no longer be accessible. So make a decision within time.
No. Once you are retired, your pension balance becomes a defined benefit whereby the balance is used to calculate your pension over an estimate period of your lifetime. Pensioners only receive salary increments depending on the investment performance of their pooled funds.
